This procedure defines RG flow on the manifold of quasi local actions: $\frac{dA_{l}}{dl}=B\{A_{l}\}$.

In this approach we have such notions as crytical points $A_{*}$, relevant and irrelevant fields, Callan–Symanzik equation etc, and we can apply it, say, to phase transitions.

Also we can introduce stress-energy tensor $T^{\mu\nu}$. And, as far as i know, if we consider scale transformations $x^{\mu} \to x^{\mu}+\epsilon x^{\mu}$ , we can obtain Callan–Symanzik equation, and if the theory have a crytical point: $\beta^{k}(\lambda^{k})=0$, then trace of stress energy tensor $\Theta(x)=T^{\mu}_{\mu}=0$, so our correlation functions have symmetry at scaling transformation.

So the question is: As far as I know, at this point they somehow introduce conformal transformations and Conformal Field Theory. Can you explain, what place in Quantum Field Theory CFT takes? (I mean connection between them, sorry if the question is a little vague or stupid). How it relates to the RG approach exactly? (This point is very important for me). Maybe some good books?

Well it seems that you have all pretty much figured out: conformal field theories are a subset of quantum field theories corresponding to the point(s) at which the beta function vanishes. It may seem not much interesting to look at subset of 'vanishing measure' in the space of quantum field theories but actually: conformal symmetry is a really strong constraint and is enough to solve exactly some theories in 2d, and you can derive results near critical points from the so called conformal perturbation theory. The main references are Ginsparg lecture notes (arXiv) and thee book by DiFran & al.

Morally speaking, CFTs are the "fixed" points of RG flow, in the space of theories. Assuming that RG flows behave "nicely" (a subject being researched currently, but generally believed to hold), you can think of any QFT as _relevant_ deformations (operators that break conformal symmetry) on top of a particular CFT. (As an aside, I wonder if one can then use the power of spurion-like techniques.)

Huh, do all fixed points correspond to CFTs which are invariant under the full conformal group? I always thought that fixed points just imply scale invariance. So what is the difference between a fully conformal invariant fixed point and an only scale invariant fixed point?

That is precisely the question being hotly debated and there's been a lot of back-and-forth in the last few years. For the ideas involved and references, have a look at this fairly comprehensive note by Yu Nakayama: http://arxiv.org/abs/1302.0884

Your comment on this question:

To answer, leave an answer instead. Comments are usually for non-answers.
To mask links under text, please type your text, highlight it, and click the "link" button. You can then enter your link URL.
To alert a user, please use the "@" command and remove spaces from the username, example, the user "John Doe" should be pinged as "@JohnDoe", while the user "Johndoe" should be pinged as "@Johndoe". The post author is always automatically pinged (unless you are the post author).
Please consult the FAQ for as to how to format your post.

Live preview (may slow down editor)Preview

Live Preview

Preview

Your name to display (optional):

Email me at this address if a comment is added after mine:Email me if a comment is added after mine

Privacy: Your email address will only be used for sending these notifications.

Your answer

Please use answers only to (at least partly) answer questions. To comment, discuss, or ask for clarification, leave a comment instead.
To mask links under text, please type your text, highlight it, and click the "link" button. You can then enter your link URL.
Please consult the FAQ for as to how to format your post.
This is the answer box; if you want to write a comment instead, please use the 'add comment' button.

Live preview (may slow down editor)Preview

Live Preview

Preview

Your name to display (optional):

Email me at this address if my answer is selected or commented on:Email me if my answer is selected or commented on

Privacy: Your email address will only be used for sending these notifications.

Anti-spam verification:

If you are a human please identify the position of the character covered by the symbol $\varnothing$ in the following word:p$\hbar$ysicsOv$\varnothing$rflowThen drag the red bullet below over the corresponding character of our banner. When you drop it there, the bullet changes to green (on slow internet connections after a few seconds).